Done with Data?
Find out why data is surpassing oil as the world’s most valuable asset.
Confused as to what this big data hype is about? Sick of reading about data and technology in every professional and global magazine and newspaper?
You have a point. It is the latest buzz word but there is a buzz for a reason and one you do need to know about, sorry!
Dr Paul Darby writes in September’s Independent Financial Advisor, “Data is now a key resource for your business, and if you don’t see it as a key resource for your business, someone will come along and take your business.”
Scary right? Now don’t go start to blaming technology. Knowledge is power right, and data and technology is your greatest weapon. So, make sure you manage and use it properly!
For us as Financial Advisors and Accountants the forces of technology are shaping our industry which can feel like disruption but really “it’s accelerating the empowerment of the consumers and providing more transparent price discovery in a cost-conscious role”, as said by David Haintz in Septembers Professional Planner.
However technology and data disruptors aren’t unique to the finance industry; we have seen the rise of Uber and fall of taxis, in hotels it has been Airbnb, recorded music has been transformed through Apple and Spotify, video has seen massive disruption in streaming services such as Netflix and in retail Amazon has taken out many established players.
Amazon have 50 per cent of the retail market in the US, but they aren’ complacent. “They’ve got masses and masses of data on everything” says Dr Paul Darby from Vorai Systems. This data provides unique information on their client’s patterns, behaviours, persuasions and more. Their client’s data is their biggest asset not only to their business now but also in the future.
If you don’t believe me, check out ‘The Great Hack’ on Netflix. Directed by Karmin Amer and Jahane Noujaim, this documentary begins as one man’s quest to see his personal data morphs into an investigation and expose that impacts democracy and the worlds future with insights into the recent US presidential election.
A common trend however in all industries is ultimately not the technology acting as a disruptor but rather aiding a solution in which traditional industries are not being client and customer centric forming the biggest threat to any business and industry.
As the late Steve Jobs said, “Technology is nothing. What’s important is that you have a faith in people, that they’re basically good and smart, and if you give them tools, they’ll do wonderful things with them.”
Here at PrimeAdvisory we like to be at the forefront of technology to keep you and your business on track. For more don’t be a stranger, give us a call on 9415 1511 or send us an email.